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Starting your own estate and letting agency?

I know a number of people who have decided to start their
own estate and letting agents from the comfort of their own kitchen table in
the last few months. They believe they can start a lettings/estate agency business
and make it succeed because they are an awesomely good lister, and so that will
make them an overnight success.

Yes, you might be a ‘Lady of Listings’, the ‘Caesar of the
Conversion Rates’,the ‘Maharajah of
Market Appraisals’, the ‘Lord of Listings’, the ‘Prince of Puttn’ng’ dem on da
market’.... but are you a good free valuation generation machince.

How many of the free vals/market appraisals do you, as a
Valuer or Lister, DIRECTLY generateyourself? The best Valuer/ Lister in the world
cant convert free vals, if they don’t have the free vals in the first place.

A good valuer, a good
estate agent, a good letting agent doesn’t mean you will be able to run your
own lettings or estate agency.

Start to think now how YOU (not the boss, the not the Area
Manager, not the canvasser, not the Negs), YOU intend to get those free
valuations. You know ‘landlords wanted’ leaflets or ‘property wanted’ leaflets
don’t work, you wont have the brand awareness for vendor/landlords walking
through your door or ringing you for a free val, let’s be honest - all agents
websites are the same, all agents gone on the same portals, all agents have
boards.. and brochures .. and accompanied viewings ...so what makes you
different.

My good lady Mrs Watkin (known as Senior Management to
myself and my clients) is an awesome cook, makes the best cakes and food, but
that doesn’t mean she would be any good at opening a restaurant or cake shop.

Think, what will make YOUR agency different? .. and let me
give you a big clue, go up to a mirror and look in it .. there is your answer. You are the only difference.

You need to prove
that you are different so people sit up and say, wow, I want to speak to this person.

To do this, you need to grab people’s attention, then talk
about things that these people (your potential clients) would be interested in,
then they will want to come and talk to you because you are the most
interesting person when it comes to the subject they are interested in ...
from that.. everything will follow.

... and what are homeowners and
landlords of Battersea interested in?

... and what are homeowners and
landlords of Kingston upon Thames interested in?

... and what are homeowners and
landlords of Worcester interested in?

... and what are homeowners and
landlords of Harrogate interested in?

Do you think they might be interested in how many properties
you have sold this month? Or how many offices you have in your network? I bet
they don’t stop up night to hear if you have won the monthly ESTA awards for
the South London?

Call me a voodoo mind reader, but The Zooploppy/OndaMeerkat/Leftmove
debate is something that doesn’t keep them up at night? Also, I bet all your
old vendors don’t send you congratulations cards when you post that you have
smashed your target this month, and it’s only the 22nd of the month.
PS ...don’t worry – the boss will put it up next month there’s no doubt about
that ;-)

... but I think I know what they might be interested in ...
it’s only a guess, so I am going to take a flyer on this ... but I bet the
homeowners and landlords of Battersea might just be interested in what is
happening to property values in Battersea (because they own a property in
Battersea), .....Ok, here’s another
punt ... another long shot, but I bet Kingston landlords might have a more than
passing interest to what is happening to rents in Kingston (not next door
Surbiton rents – just Kingston’s – because again, THEY OWN a property in
Kingston), ..ok, I am on a roll now ... I think it’s pretty fair to suggest
Worcester landlords could be slightly interested if Worcester yields are rising
or dropping, but couldn’t give two hoots about Hereford (unless of course they
owned property in Hereford as well) ... and let me see if Watkin can go for the
full house .... I have a sneaky feeling Harrogate homeowners, might spill their
tea at the famous Betty’s tea shoppppe (fab place but make sure you book .. the
queue’s are longer than a Russian supermarket from the late 1970’s), if they found
out their town’s property prices weren’t the best performing in Yorkshire!

... but I could be wrong?... Nope, after the wind and the weather, property prices are what the
Brits are interested in... but the more importantly, WHAT THEIR HOUSE IS WORTH.
Every homeowner and every landlord looks up on Rightmove or looks in the
newspaper to see what THEIRhouse is
worth, what rent THEIR property is achieving.

All I advocate that you should do is just
talk about your local property market, become the property guru of your town,
the fountain of all knowledge about the property market in your town. Tell
people what is happening to rents, values, yields, how one area of your town
has outperformed another area of your town, how your town has compared to
neighbouring towns when it comes to the property market... you become the most
interesting person in your town (after
the town’s Metrologist)

... and this is just, if not more, as
relevant to existing agents as it is to people starting their own agency.

Forget this online vs High Street
agent argument ... just become the property guru of your town, city or suburb and
you will be the daddio agent ....in time.

Whether you are an existing agent or just about
to open your own agency, online or on the High Street, and you need stock, do
you really think half price fee deals (that don’t work), with 10,000 leaflets
announcing your arrival (that don’t work), newspaper ads with ‘landlords
wanted’ or ‘free vals’ plaster all over them (which don’t work) will get you
where you need to go?

Just become your town’s property guru.

I will warn you though, it takes time
to become your town’s guru, it takes a huge amount of patience as it takes
months and months for this to kick in (and we aren’t talking two or three
months here, more like six to nine months). Many people give up after a few
months and revert back to the old ways. The old ways that you know, in your
hearts of heart (all that landlords wanted cheap fee rubbish) don’t really work.

But if you are in the lettings and estate
agency business for the long term, and you have persistence and patience, I
guarantee this thing works. It doesn’t need to cost that much money to do and yes
and you don’t need me to do any of this (I do help a lot of agents do it for
them but many don’t).. you are perfectly qualified to talk about your town’s
property market, so start talking about it ....

.. but dont expect results overnight,
or next week, or even next month ... but with persistent and patience, this, if
done correctly, will grow BOTH your letting agency by at least 20% to 30% within
12 to 18 monthsAND, if you have an
estate agency as well, GROW YOUR ESTATE AGENCY by the same 20% to 30% in the
same 12 to 18 months.

The Author

Hello, my name is Christopher Watkin from Grantham in Lincolnshire.

This blog are some of my thoughts on the systems I have adopted, adapted and improved to organically grow estate and lettings agency's by at least 20% to 30% per year. (you will say what is the catch - hard work and persistence)